KINGWOOD, TX-A joint venture between Houston-based Asset PlusCos. and institutional investors advised by J.P. Morgan AssetManagement has acquired Harbor View Apartments out offoreclosure.

The JV is the first time the two companies have partnered, saysJeff Knowles, senior vice president with Asset Plus Cos., a localfirm that third-party manages roughly 35,000 apartment and studenthousing units. “We like that J.P. Morgan has access to multiplecapital sources,” he notes. “This is a one-off deal, but the intentis that we will do more deals together.”

The venture bought the 250-unit, class A community from CapitalOne N.A., which provided the construction loan for the project.Local firm Chancellor Development defaulted on the constructionloan just before it finished the property. Capital One posted forforeclosure in April and foreclosed on the property in May after itwas completed.